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Dec 31, 2024
Canadian Solar Q4 2024 Earnings Report
Canadian Solar reported a challenging Q4 2024 with a decline in revenue and profitability impacted by impairments and lower module prices.
Key Takeaways
Canadian Solar reported Q4 2024 revenue of $1.52 billion, reflecting an 11% year-over-year decrease. Net income attributable to shareholders was $33.9 million with EPS of $0.48. Non-GAAP adjusted net loss reached $98.6 million, translating to a loss per share of $1.47. Despite margin pressures from lower module ASPs and impairments, storage shipments hit a record high and contributed positively to overall results.
Q4 2024 revenue reached $1.52 billion, down 11% year-over-year.
Net income attributable to Canadian Solar was $33.9 million with EPS of $0.48.
Adjusted net loss stood at $98.6 million, with a non-GAAP EPS loss of $1.47.
Record quarterly e-STORAGE shipments totaled 2.2 GWh.
Revenue by Segment
Forward Guidance
For Q1 2025, Canadian Solar expects total revenue between $1.0 billion and $1.2 billion, gross margins between 9% and 11%, and total module shipments between 6.4 GW and 6.7 GW. Full-year 2025 projections reiterate total module shipments of 30-35 GW and battery energy storage shipments of 11-13 GWh.
Positive Outlook
- Total Q1 2025 revenue expected between $1.0 and $1.2 billion.
- Module shipments projected to reach 30-35 GW for FY 2025.
- Storage shipments forecasted between 11 and 13 GWh for FY 2025.
- Strong contracted storage backlog provides multi-year revenue visibility.
- Continued cost efficiency improvements expected across supply chain.
Challenges Ahead
- Lower margins anticipated in Q1 2025 due to seasonally smaller storage volumes.
- Ongoing trade-related duties and tariffs impacting margins.
- Potential margin pressure from Recurrent Energy project asset sales.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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